First Security Interest definition

First Security Interest means a Security Interest (as hereinafter defined) that has priority of record over all other recorded liens except those 1iens made superior by statute (such as general ad valorem tax liens and governmental special assessments).
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First Security Interest means a Security Interest (as hereinafter defined) that has priority of record over all other recorded liens except those liens made superior by statute (such as general ad valorem tax liens and special assessments).
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First Security Interest shall be defined as a first mortgage or first deed of trust encumbering the Premises.
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Examples of First Security Interest in a sentence

  • This Amendment may be referred to in this Agreement as the "First Security Interest Agreement Amendment".

  • No provision of this Declaration, the Articles of Incorporation, or Bylaws of the Association give (or are intended to give) any Owner, or any other party, priority over any rights of the Security Interest Holder of a First Security Interest, pursuant to its First Security Interest, in the case of payment to the Owner of insurance proceeds or condemnation awards for losses to or taking of Units and/or Common Elements.

  • The First Security Interest in the Glic▇▇▇▇ ▇▇▇ceeds shall continue in and attach to any funds so deposited or interpled.

  • Any Security Interest Holder of a First Security Interest will be allowed to have an audited statement of the Association books prepared at such Security Interest Holder's own expense.

  • All books and records of the Association shall be reasonably available for inspection by any Member or such Member’s authorized agent, and by any holder of a First Security Interest.

Related to First Security Interest

  • Permitted Security Interest means any Security Interest:

  • Security Interest means any mortgage, security interest, pledge, lien, charge, claim, option, right to acquire, voting or other restriction, right-of-way, covenant, condition, easement, encroachment, restriction on transfer, or other encumbrance of any nature whatsoever.

  • Prior Security Interest means a valid and enforceable perfected first-priority security interest under the Uniform Commercial Code in the Collateral which is subject only to statutory Liens for taxes not yet due and payable or Purchase Money Security Interests.

  • Permitted Security Interests means (i) any Security Interest for taxes, assessments or governmental charges or levies which relate to obligations not yet due and delinquent, (ii) easements, servitudes, encroachments and other minor imperfections of title which do not, individually or in the aggregate, detract from the value of or impair the use or marketability of any real property, and (iii) undetermined or inchoate Security Interests arising or potentially arising under statutory provisions which have not at the relevant time been filed or registered in accordance with applicable laws or of which written notice has not been given in accordance with applicable laws;

  • Purchase Money Security Interest means Liens upon tangible personal property securing loans to any Loan Party or Subsidiary of a Loan Party or deferred payments by such Loan Party or Subsidiary for the purchase of such tangible personal property.